Fitch affirms Azerbaijan's ratings at 'BB+'

Fitch Ratings has affirmed Azerbaijan's long-term foreign- and local-currency issuer default ratings (IDR) at 'BB+' with Negative Outlooks, APA-Economics reported.

Azerbaijan's 'BB+' ratings balance a strong external balance sheet and low government debt, stemming from accumulated surpluses in times of high oil revenues, with a heavy dependence on hydrocarbons, an underdeveloped policy framework, low governance indicators and a weak banking sector.
The Negative Outlook reflects continued risks and uncertainty around the macroeconomic and financial sector adjustment currently under way.


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